<SEC-DOCUMENT>0001193125-25-126183.txt : 20250819
<SEC-HEADER>0001193125-25-126183.hdr.sgml : 20250819
<ACCEPTANCE-DATETIME>20250527061507
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-126183
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flutter Entertainment plc
		CENTRAL INDEX KEY:			0001635327
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			L2
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010
		BUSINESS PHONE:		353872641566

	MAIL ADDRESS:	
		STREET 1:		ONE MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Stars Group Inc.
		DATE OF NAME CHANGE:	20170731

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Amaya Inc.
		DATE OF NAME CHANGE:	20150302
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Simpson Thacher&nbsp;&amp; Bartlett <SMALL>LLP</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">900 <SMALL>G</SMALL> <SMALL>STREET</SMALL>, <SMALL>NW</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>WASHINGTON</SMALL>, <SMALL>D</SMALL>.<SMALL>C</SMALL>. 20001 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>TELEPHONE</SMALL>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-202-636-5500</FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>FACSIMILE</SMALL>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-202-636-5502</FONT></FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct Dial Number</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-202-636-5804</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">E-mail</FONT> Address</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">jbonnie@stblaw.com</P></TD></TR>
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<TD VALIGN="top">May&nbsp;27, 2025</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Flutter Entertainment plc </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-37403</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Megan Masterson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Masterson: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Flutter Entertainment plc (&#147;Flutter&#148;), we are providing the following in response to the comments of the staff of the
Securities and Exchange Commission (the &#147;Staff&#148;) set forth in your letter, dated April&nbsp;22, 2025, regarding the Company&#146;s above-referenced filing. To assist your review, we have retyped the text of the Staff&#146;s comments in
italics below. Please note that all references to page numbers in our responses refer to the page numbers of Flutter&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024 (the &#147;Form <FONT
STYLE="white-space:nowrap">10-K&#148;).</FONT> The responses and information described below are based upon information provided to us by Flutter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">BEIJING &#8195;BRUSSELS &#8195;HONG KONG &#8195;HOUSTON &#8195;LONDON &#8195;LOS ANGELES &#8195;PALO ALTO &#8195;S&Atilde;O PAULO &#8195;TOKYO
&#8195;WASHINGTON, D.C. </P>
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<TD VALIGN="top">Flutter Entertainment plc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> -
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<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2024
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Operating Results </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Fiscal 2024 Compared to Fiscal 2023,
page 80 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>In your discussion of Group and segment results, you cite multiple factors as impacting your results of
operations but provide little quantification of the contribution of each factor to the material changes in the various line items discussed. For example, your discussion of Group general and administrative expenses and your discussions of Adjusted
EBITDA for each of your segments beginning on page 84 refer to various factors; however, you do not quantify the impact of these factors. Where a material change is attributed to two or more factors, including any offsetting factors, please revise
to quantify the contribution of each factor. Refer to Item 303(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Flutter acknowledges the Staff&#146;s comment. In all future filings commencing with Flutter&#146;s Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2025, where two or more factors contribute to a material change in the operating results between comparative financial periods, Flutter will quantify each material
factor that contributed to the change, including offsetting factors where possible. Flutter will provide either a percentage or dollar amount to quantify the extent of the contributing factor to each material change. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following is an example of Flutter&#146;s intended disclosure based on an illustrative revision of its disclosure in the Form <FONT
STYLE="white-space:nowrap">10-K</FONT> to quantify the extent of the contributing factor to each material change by reference to a percentage or dollar amount. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Group operating results </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">General and administrative expenses increased by 13%, to $1,808&nbsp;million for fiscal 2024 from $1,596&nbsp;million for fiscal 2023. The
increase <B><U>in general and administrative expenses included </U></B><STRIKE>was primarily as a result of (i)</STRIKE><STRIKE></STRIKE><STRIKE>&nbsp;the continued expansion of our U.S. business;
</STRIKE>(i<STRIKE>i</STRIKE><U>)</U><B><U></U></B><B><U>&nbsp;an increase of $58</U></B><B><U></U></B><B><U>&nbsp;million in</U></B><U> </U><B><U>integration costs and</U></B> advisory fees related to activities associated with the change in the
primary listing of the Group and (ii)&nbsp;an increase <B><U>of $117</U></B><B><U></U></B><B><U>&nbsp;million</U></B> in labor costs due to greater investment in the Group&#146;s workforce <B><U>as we continued the expansion of our U.S.
business</U></B>. </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>U.S. segment adjusted EBITDA </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA for the U.S. was $507&nbsp;million for fiscal 2024, a $275&nbsp;million increase compared to fiscal 2023. Adjusted EBITDA
Margin improved to 8.7% for fiscal 2024 from 5.3% in fiscal 2023. These improvements were driven by (i)&nbsp;an increase in revenue <B>of </B><B><U>$1,394</U></B><B><U></U></B><B><U>&nbsp;million</U></B> as a result of the factors above; and
(ii)<B><U>&nbsp;a decrease of 4.1% in sales and marketing expenses as a percentage of revenue due to</U></B> significant economies of scales achieved in sales and marketing expenses through continued disciplined player acquisition investment in
existing states, partly offset by (i)&nbsp;a <B><U>70 basis point</U></B> impact of adverse sports results on revenue; (ii)&nbsp;increased taxes of <B><U>$39</U></B><B><U></U></B><B><U>&nbsp;million</U></B> in Illinois, <B><U>prior to any
mitigation</U></B> which came into effect from July&nbsp;1, 2024; (iii) <B><U>increased sales and marketing expenses </U></B>for new state launches; and (iv)&nbsp;an increase <B><U>of 38% (or $74 million) in</U></B> technology, research and
development expenses and <B><U>34% (or $98 million) in</U></B> general and administrative expenses reflecting the investment to scale our product, <B><STRIKE>and</STRIKE></B> technology <B><U>and operational</U></B> capabilities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>UKI segment adjusted EBITDA </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA was $1,117&nbsp;million in fiscal 2024, a 23% increase from $911&nbsp;million for fiscal 2023. Adjusted EBITDA Margin increased
by 110 basis points to 31.0%. The improvements were driven by (i)&nbsp;an increase in revenue <B><U>of $551</U></B><B><U></U></B><B><U>&nbsp;million</U></B> as a result of the factors above; and (ii)&nbsp;a reduction in cost of sales <B><U>as a
percentage of revenue from 36.5% in fiscal 2023 to 35.8% in fiscal 2024</U></B> and research and development expenses as a percentage of revenue <B><U>from 5.1% in fiscal 2023 to 4.5% in fiscal 2024.</U></B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>International segment adjusted EBITDA </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA for International was $653&nbsp;million for fiscal 2024, a 16% increase from $562&nbsp;million for fiscal 2023. Adjusted EBITDA
Margin increased by 60 basis points to 20% for fiscal 2024. These increases were primarily driven by (i)&nbsp;the increase in revenue <B><U>of $365</U></B><B><U></U></B><B><U>&nbsp;million</U></B> as a result of the factors above; (ii)&nbsp;cost
savings from the closure of FOX Bet in August 2023<B><U>, which resulted in adjusted EBITDA improvement of $46</U></B><B><U></U></B><B><U>&nbsp;million</U></B> and <B><U>a decrease of $32</U></B><B><U></U></B><B><U>&nbsp;million in research and
development expenses from </U></B>the optimization of the PokerStars business model; and (iii)&nbsp;a <FONT STYLE="white-space:nowrap">one-off</FONT> credit of $18&nbsp;million from a historic legal case. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Australia segment adjusted EBITDA </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA for Australia was $295&nbsp;million for fiscal 2024, a 17% decrease from $357&nbsp;million in fiscal 2023. Adjusted EBITDA
Margin decreased 360 basis points to 21.1%. The <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-on-period</FONT></FONT> movement reflected the decrease in revenue <B><U>of $52</U></B><B><U></U></B><B><U>&nbsp;million</U></B>
as a result of the factors above and the impact of increased taxes in Victoria <B><U>of $22</U></B><B><U></U></B><B><U>&nbsp;million.</U></B> </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note in your discussion of the changes in income tax benefit(expense) that the movement is partially due
to the tax impact of discrete adjustments. Please tell us what those discrete adjustments are and revise in future filings to discuss and quantify any material discrete items that impacted taxes. </I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Flutter respectfully acknowledges the Staff&#146;s comment. In all future filings, commencing with its Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended June&nbsp;30, 2025, Flutter will discuss in greater detail the material items that impacted the change in income tax benefit (expense) compared to the prior period. The item referred
to as the &#147;tax impact of discrete adjustments&#148; in the Form <FONT STYLE="white-space:nowrap">10-K</FONT> was the tax benefit related to a combination of immaterial
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-</FONT></FONT> period adjustments, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">return-to-provision</FONT></FONT> adjustments which Flutter has
clarified in the illustrative proposed disclosure below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To facilitate the Staff&#146;s review, below is Flutter&#146;s proposed
disclosure using 2024 for illustrative purposes, which has been marked to show changes from the disclosures included in Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations in the Form <FONT
STYLE="white-space:nowrap">10-K:</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Income tax benefit (expense) increased by $266&nbsp;million to $146&nbsp;million of income
tax benefit for fiscal 2024 from $120&nbsp;million income tax expense for fiscal 2023. The movement is primarily due to the change in valuation allowance, <B><U>mainly </U></B>related to the
<B><U>$246</U></B><B><U></U></B><B><U>&nbsp;million</U></B> release in U.S. federal and state deferred tax assets<B>, </B><B><U>the $52</U></B><B><U></U></B><B><U>&nbsp;million tax benefit related to a combination of immaterial <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-period</FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">return-to-provision</FONT></FONT> adjustments recognized in fiscal 2024,</U></B><B> </B>as
well as the change in amount and jurisdictional mix of profits in which the Group has a taxable presence <B><STRIKE></STRIKE></B><B><U><strike><u>and tax impact of discrete adjustments</u></strike></U><STRIKE></STRIKE></B>.&#148; </P>
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<TD VALIGN="top">Flutter Entertainment plc</TD>
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<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Financial Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 3. Segments and Disaggregation of Revenue, page 118 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 158 that effective from the first quarter of 2025 the company will have two
reportable segments: U.S. and International. Please describe the organizational and internal reporting changes that led to this change in reportable segments including whether you have two or four operating segments. Also, please address the
following:</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>If you now have two operating segments, tell us what financial or other information, if any, the CODM receives
for UKI, International or Australia and explain how you determined that these geographic markets no longer meet the definition of an operating segment in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-50-1.</FONT></FONT></FONT></I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>If you continue to have four operating segments but now aggregate UKI, International and Australia into one
reportable segment provide us with a detailed analysis explaining how you determined that these operating segments meet the aggregation criteria in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-11.</FONT></FONT></FONT></I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Flutter respectfully acknowledges the Staff&#146;s comment. Flutter confirms that it now has two operating segments based on the analysis set
out in the response and that it therefore has not needed to consider the aggregation criteria in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-11.</FONT></FONT></FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following provides information on the organizational and internal reporting changes that led to the change in Flutter&#146;s operating
segments during the first quarter of 2025, including the financial and other information received by the CODM, and Flutter&#146;s conclusion under ASC 280, Segment Reporting, that its UKI, International and Australia legacy divisions no longer
individually meet the definition of operating segments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Organizational and internal reporting changes </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prior to the first quarter of 2025, Flutter had identified four operating and reporting segments namely, U.S., International, UKI and
Australia, which are referred to as &#147;legacy divisions&#148; in this response to the Staff&#146;s comment. Towards the end of the third quarter and through the first half of the fourth quarter of 2024, Flutter undertook a strategic review of its
operational model in light of its long-term growth strategy and determined that it was time to evolve its operational model. Some of the key drivers for the change in operational model were as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">As Flutter pursued its strategy, the divisional model that existed prior to the first quarter of 2025 was
becoming unbalanced. As FanDuel continues to grow in the United States, there is an increasing disparity in size in terms of revenue when compared to other legacy divisions. Further, Flutter&#146;s focus on growing outside the United States through
the announced acquisition of Snaitech in Italy would result in its Italian business within the legacy International division being of similar size and scale when compared to its legacy UKI division. To achieve its growth strategy, Flutter expects to
undertake further merger and acquisition activity, which would see the legacy International and U.S. divisions further diverge from its legacy UKI and Australia divisions in size and scale. </P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Flutter&#146;s U.S. listing on the New York Stock Exchange became its primary listing venue, and its operational
headquarters were relocated to the United States in 2024. These changes, coupled with the growth of FanDuel, caused its legacy divisions to no longer be aligned with investors&#146; desire to see a <FONT STYLE="white-space:nowrap">US/non-US</FONT>
split of financial and <FONT STYLE="white-space:nowrap">non-financial</FONT> information. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Flutter&#146;s technology integration initiatives were resulting in technology
<FONT STYLE="white-space:nowrap">co-dependence</FONT> and alignment between brands and platforms, which was driving the need to align management with technology responsibility. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Flutter&#146;s Board of Directors desired to create further clarity around the Group Chief Executive Officer
(CEO)&#146;s succession and to elevate talent to succeed other key individuals, which drove a need for a smaller executive committee composed of the Group CEO, the CEO of the U.S. division, the CEO of the International division, Flutter&#146;s Chief
Operating Officer, Flutter&#146;s Chief Financial Officer and Flutter&#146;s General Counsel (collectively, the Executive Committee) and reporting directly to the Group CEO. The CEOs of the legacy UKI and Australia divisions, Flutter&#146;s Chief
People Officer and Flutter&#146;s Chief Information Officer no longer directly report to the Group CEO following the internal reorganization. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on a review of the above factors, Flutter determined to simplify its organizational design in order to support its customers and growth
ambitions. Effective January&nbsp;1, 2025, Flutter has two divisions: U.S. - led by Amy Howe (CEO of the U.S. Division) and a new Flutter International division - led by Dan Taylor (CEO of the International Division). The division CEOs are
accountable to Flutter&#146;s CEO for the operating activities, development of plans, budgeting, and the financial results of their respective divisions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The new International Division is comprised of five regions led by CEOs who report to the CEO of the International Division for the operating
activities, development of plans, budgeting and financial result of their respective region as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">UK&nbsp;&amp; Ireland (UKI)<B> </B>&#150; which includes Sky Betting&nbsp;&amp; Gaming, Paddy Power, Betfair and
tombola, as well as PokerStars outside Italy and Betfair International, and is led by Kevin Harrington (CEO UKI); </P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Asia-Pacific (APAC) &#150; which includes&nbsp;Sportsbet and Junglee Games and is led by Barni Evans (CEO APAC);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Southern Europe&nbsp;&amp; Africa (SEA) &#150; which includes Sisal, Snai as well as PokerStars in these markets,
and is led by Francesco Durante (CEO SEA); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Central&nbsp;&amp; Eastern Europe (CEE) &#150; which includes MaxBet, Adjarabet and Singular, led by Irakli
Asanishvili (CEO CEE); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Brazil &#150; which will be formed on completion of the NSX acquisition, in combination with Flutter&#146;s
existing Betfair Brazil business, and will be led by Jo&atilde;o Studart (CEO Brazil).</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;18, 2024, Peter
Jackson (Group CEO) made a group-wide announcement informing employees about the change from four divisions to two divisions as detailed above, effective from January&nbsp;1, 2025. He also announced changes to the composition of the Executive
Committee that reports directly to him as detailed above, along with the departure of Ian Brown, CEO of the legacy&nbsp;UKI division, and the retirement of Padraig O&#146;Riordain, Flutter&#146;s former General Counsel, in April. Don Liu succeeded
Padraig O&#146;Riordain as General Counsel in May. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The change in internal reporting structure also resulted in a change in the
identification of the CODM and the monthly reporting package provided to the CODM as described below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Identification of CODM
</U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Prior to the organizational and internal reporting changes described above, Flutter determined that the role of CODM was fulfilled
by its Group CEO and Group Chief Financial Officer. As part of the organizational and internal reporting change, the composition of the Executive Committee was reviewed, resulting in a smaller more focused group of six individuals compared to the
previous broader composition of ten. The role of the Group Chief Financial Officer, who reports to the Group CEO, was also reviewed in the context of this streamlined Executive Committee. In consideration of the Board of Directors&#146; directive to
simplify the organization design, a decision was made that effective January&nbsp;1, 2025, the Group CEO would be solely responsible for all key operating decisions, which include, among other things, decisions relating to investments in product and
technology, marketing strategies, expansion into new markets either organically or through mergers and acquisitions, reviewing and approving operating budgets for the Group and U.S. and International divisions and recommending the annual budget and
long-range plan to the Board of Directors. Effective January&nbsp;1, 2025, the Group Chief Financial Officer provides financial input and other operational considerations to support the Group CEO along with other reduced Executive Committee reports
to the Group CEO, as opposed to previously being responsible for the key decisions along with the Group CEO. </P>
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<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I><U>Monthly reporting package </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The monthly reporting package for each of Flutter&#146;s legacy divisions previously provided financial information that included adjusted
EBITDA and <FONT STYLE="white-space:nowrap">non-financial</FONT> operational information. Flutter previously concluded that such information, due to the inclusion of a performance measure, constituted operating results that are regularly reviewed by
CODM in accordance with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-1(b).</FONT></FONT></FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Beginning January&nbsp;1, 2025, the monthly reporting package has changed to a single reporting package, and the CODM no longer receives
operating results for Flutter&#146;s legacy operating segments which now form part of the new International division. The lowest level of operating results in the monthly reporting package is adjusted EBITDA presented at the new International and
U.S. divisional levels, which Flutter has determined to be its operating segments. Further, the CODM does not regularly receive other reports through the CODM reporting package or otherwise that include discrete financial information in terms of
adjusted EBITDA or any other performance measure at a more disaggregated level than the new International and U.S. divisions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The monthly
reporting package effective from the first quarter of 2025 for the new International division regularly contains the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an executive summary of revenue and adjusted EBITDA highlights against budget for the most recent month concluded
and trading update highlights for the current month at the International divisional level as well as highlights on key operational strategic initiatives, market share information and key performance indicators such as average monthly players (AMP),
etc.; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory and legal updates across the key regions in which the International division operates;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an International division financial update for the most recent month and period concluded against budget, which
includes discussion of revenue disaggregated by the five regions, International division segment cost of sales, International division segment sales and marketing, International division segment general and administrative expenses and International
division adjusted EBITDA, as well as discussion of adjusted EBITDA cash conversion for the International division; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">non-financial</FONT> metrics provided at a regional level, including AMPs,
stakes, player activation, online average revenue per player (ARPU), player incentives as a percentage of net gaming revenue and marketing as a percentage of net gaming revenue and net revenue margin; </P></TD></TR></TABLE>
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<TD VALIGN="top" COLSPAN="5" ALIGN="right">Simpson Thacher &amp; Bartlett <SMALL>LLP</SMALL></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Flutter Entertainment plc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> -
 9
-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risk and opportunities related to, amongst other things, discrete projects, initiatives, regulatory changes or
market changes, which include probability and potential adjusted EBITDA impact, and which are segregated into those that are included in the updated forecast budget and those which are not; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a current month trading update for the International division versus latest budgeted forecast, including
discussion on revenue, cost of sales, sales and marketing and general and administrative expenses at the International divisional level; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regional operations updates, which include information on market shares, AMPs, strategy execution, updates on
product and technology initiatives, updates on major sporting events during the month, amongst other things; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">financial information for one of the five regions within the International division, including revenue, costs and
adjusted EBITDA. An individual region is not included in the monthly reporting package more than once in a five-month period<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ad hoc <FONT STYLE="white-space:nowrap">non-financial</FONT> information on technology and Flutter Edge
initiatives. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As a result, Flutter has concluded that discrete financial information is not regularly provided or
reviewed below the new International divisional level. Flutter&#146;s analysis of the monthly reporting package of the U.S. division is consistent with this conclusion. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Budgeting</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Annual
Budget </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The change in internal reporting structure has also resulted in a change in the budgeting process. The budget for 2025, which
was finalized in the fourth quarter of 2024, has been reorganized to align with the new International reporting structure and was presented to the CODM in January 2025. Prior to the change in Flutter&#146;s internal reporting structure, each of the
legacy division CEOs would present their respective legacy division&#146;s budget to the CODM for review and approval. </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Flutter respectfully advises the Staff that ASC 280 does not define &#147;regularly reviewed.&#148; Flutter
believes that a regular review would be at least quarterly for a publicly listed entity. As such, Flutter does not consider the provision and review of discrete financial information at the regional level to meet the criteria of &#147;regularly
reviewed&#148; as outlined in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-1(b)</FONT></FONT></FONT> given this is on a rotational or <FONT STYLE="white-space:nowrap">ad-hoc</FONT>
basis and less than on a quarterly basis. </P></TD></TR></TABLE>
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<TD VALIGN="top" COLSPAN="5" ALIGN="right">Simpson Thacher &amp; Bartlett <SMALL>LLP</SMALL></TD></TR>
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<TD VALIGN="top">Flutter Entertainment plc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> -
 10
-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Beginning in the first quarter of 2025, Flutter has changed the process for each of the U.S.
and International divisional CEOs to present their respective division&#146;s budget to the CODM for review and approval. In addition, the CODM now also receives a budget for Flutter&#146;s corporate functions (i.e. corporate costs which are not
allocated to each of the U.S. and International divisions). These U.S. and International divisional budgets, along with the Corporate and overall Group Budget, will also be presented to the Board of Directors in the last half of the fourth quarter
of the year preceding the budgeted year. The CODM will not receive budgets below the divisional level either in their role as Group CEO or as a member of the Board of Directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Forecast </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On a quarterly
basis, the annual budget is refreshed for the actual <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> results and reforecast for the remaining financial year. Flutter&#146;s Group financial planning and
analysis team <FONT STYLE="white-space:nowrap">co-ordinates</FONT> with the divisional Chief Financial Officers, commercial finance teams and financial planning and analysis teams of the divisions and corporate functions to reforecast the budget.
The updated forecast budget is presented to the Group Chief Financial Officer for his review and approval. The Group Chief Financial Officer presents the updated forecast budget to the Executive Committee, which includes the CODM. The presentation
contains an executive summary highlighting the changes against budget and the updated forecast budget for the previous quarter at a Group level, and updated risk and opportunities typically related to discrete projects, initiatives, regulatory
changes or market changes, with probable impacts on Group adjusted EBITDA. It also provides details of changes to the U.S. and International division budgets and the previously updated forecast budget at the division level. For the International
division information is also provided on the impact to budgeted revenue arising from changes in the regional revenue mix. The presentation also contains the impacts on budget arising from discrete events such as increases in gaming taxes, changes in
timing of new U.S. state launches or impacts arising from foreign currency translation. Neither the Executive Committee nor the CODM receives reforecast budgets below the divisional level. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Compensation</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Following
the change in internal reporting structure, Flutter&#146;s Compensation and Human Resources Committee revised the annual (short-term) incentive compensation of the CEO for the International division for 2025 with the majority (80%) of his incentive
based on the achievement of the International divisional goals with a smaller (20%) element being based on Flutter Group performance. The annual (short-term) incentive compensation of the five regional CEOs in the International division was also
revised with a majority (70%) of their annual (short-term) incentive compensation based on the achievement of goals for their region with a smaller (30%) element being evenly based on Flutter Group and International division performance,
respectively. </P>
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<TD VALIGN="top" COLSPAN="5" ALIGN="right">Simpson Thacher &amp; Bartlett <SMALL>LLP</SMALL></TD></TR>
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<TD VALIGN="top">Flutter Entertainment plc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> -
 11
-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Financial Information provided to the Executive Committee </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The CODM, as a member of the Executive Committee, receives the financial information that the Group Chief Financial Officer presents to the
Executive Committee. The monthly presentation regularly includes the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an executive summary highlighting the performance of the Group for the month concluded, current month trading
results and any changes arising for quarterly reforecast at a Group level; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">key financial and <FONT STYLE="white-space:nowrap">non-financial</FONT> performance indicators, namely revenue,
adjusted EBITDA, impact of sport results, adjusted EBITDA cash conversion, stakes, and AMPs for the U.S. and International divisions for the month concluded against latest budget forecast and prior corresponding period. It also includes challenges
and opportunities with achieving forecast; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discussion on sportsbook and iGaming revenue against latest budget forecast at the U.S. and International
divisional and International regional levels. The Executive Committee does not receive operating results in terms of adjusted EBITDA or any other performance measure below the International division level; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where applicable, details of changes to budget arising from quarterly budget reforecast and comparison with
previously issued guidance. Where the month is the last month of any quarter, it also includes comparison of the quarter with analyst consensus; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risk and opportunities related to discrete projects, initiatives, regulatory changes or market changes, which
include probability and potential adjusted EBITDA impact by division; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">appendices containing revenue bridges for the divisions from the latest budget forecast to actuals for the month
concluded, Group and divisional month operating results for the month concluded against latest budget forecast, which includes discussion of revenue, divisional segment cost of sales, divisional segment sales and marketing, divisional segment
general and administrative expenses and divisional adjusted EBITDA. It also includes divisional information on adjusted EBITDA cash conversion and <FONT STYLE="white-space:nowrap">non-financial</FONT> metrics, such as sportsbook stakes, revenue
margin, AMPs, ARPU and activations versus the latest budget forecast. </P></TD></TR></TABLE>
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<TD VALIGN="top" COLSPAN="5" ALIGN="right">Simpson Thacher &amp; Bartlett <SMALL>LLP</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Flutter Entertainment plc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> -
 12
-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 27, 2025</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Information provided to the Board of Directors</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The CODM is a member of the Board of Directors and therefore also receives the information that the Board of Directors receives. All budget,
budget reforecast and performance financial information presented to the Board of Directors is at the U.S. and International divisional level effective January&nbsp;1, 2025, with the Board of Directors not receiving any financial information
relating to operating results below the divisional level. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Conclusion:</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pursuant to ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-1,</FONT></FONT></FONT> an operating segment 1) engages in business activities from which it may recognize revenues and incur expenses, 2)
has operating results that are regularly reviewed by the CODM to make decisions about resource allocation and assess performance, and 3) has discrete financial information available. Flutter believes that, based on the operating results that are
reviewed monthly by its CODM to make decisions about resource allocation and assess performance, each of the U.S. and International divisions noted above is an operating segment. In making that determination Flutter has considered the factors
indicated above and notes that no single factor is determinative in its analysis. Flutter believes that the totality of the information provided in the analysis above supports its conclusion that it has two operating segments, namely the U.S. and
International segments, based on the revised monthly reporting, Executive Committee and Board of Directors packages regularly reviewed by the CODM following the change in its internal reporting structure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*&#8195;&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;&#8195;* </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call me at (202) <FONT STYLE="white-space:nowrap">636-5804</FONT> with any questions or further comments you may
have regarding this filing or if you wish to discuss the above responses. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Joshua Ford Bonnie</TD></TR>
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<TD VALIGN="top">Joshua Ford Bonnie</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Securities and Exchange Commission </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Christine Dietz </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Flutter Entertainment plc </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rob Coldrake </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Don H. Liu </P>
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